Pound Drops vs. Euro on Falling Services PMI
The Great Britain pound slipped versus the euro today after the report showed that UK service industries grew last month with slower pace than was anticipated. The currency gained against the US dollar.
UK Services Purchasing Managers’ Index fell from 51.3 in June to 51.0 in July, according the Markit/CIPS report. Analysts hoped for an increase to 51.6. The index is getting dangerously close to the 50.0 level of no-growth. Still, the recent statement of the Bank of England hinted that the central bank will not ease its policy in the immediate future.
EUR/GBP rose from 0.7850 to 0.7878 as of 11:05 GMT today. At the same time, GBP/USD advanced from 1.5513 to 1.5590.
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Earlier News About the Great Britain Pound:
- Pound Rises vs. Dollar as BoE Does Not Add Stimulus (2012-08-02)
- UK Pound Weaker on Economic Data (2012-08-01)
- Pound Falls as Consumer Confidence Index Remains in Negative Territory (2012-07-31)
- UK Pound Struggles Against Dollar on Recession Concerns (2012-07-30)
- Pound Climbs as Draghi Spurs Risk Appetite (2012-07-26)